JP Morgan advises Wright Medical on its acquisition by Stryker

Global medical device company Wright Medical Group N.V. (Wright Medical) has announced that investment ma...

Global medical device company Wright Medical Group N.V. (Wright Medical) has announced that investment management firm JP Morgan Securities LLC (JP Morgan) has served as its financial adviser on the sale of its business to Michigan-based medical technology company Stryker Corporation (Stryker).

Announced on 4 November, the transaction has a total enterprise value of approximately $5.4 billion and it has been approved by both companies’ boards of directors.

The definitive acquisition agreement is for Stryker’s purchase of the entire issued and outstanding ordinary shares in Wright Medical, the total equity value of which comes to an estimated $4 billion.

Wright Medical’s CEO and president Robert Palmisano added: “By merging our complementary strengths and collective resources, we will be able to advance our broad platform of extremities and biologics technologies.”

Moving forward, an extraordinary general meeting of Wright Medical’s shareholders will be held in order for specific resolutions relating to the transaction to be accepted and enforced.

The contract’s closure is subject to completing the tender offer and to all relevant regulatory approvals and customary closing conditions being met.

It is anticipated that all necessary steps will have been completed by the second half of 2020.

Pinsent Masons has acted for the joint administrators of United Kingdom law firm McMillan Williams, which has been sold out of administration to residential conveyancing-focused law firm Taylor Rose TTKW.

As oil and gas acquisitions and disposals press on at a rate influenced by fast-fluctuating industry trends, oilfield giant Baker Hughes becomes the next player to sell part of its business, to United States private equity firm KPS Capital Partners.